$31 Million Unclaimed Tax Refunds in Washington State: Urgent Action Needed to Retrieve $1 Billion Nationwide-Have You Been Claim Yours?

Unclaimed Tax Refunds: Washington’s Missed Opportunity Amidst the Pandemic

According to The Bellingham Herald, Washington state residents had missed $31 million in unclaimed tax refunds from their 2020 filings considering the impact of the COVID-19 pandemic. Commissioner Danny Werfel emphasized the pandemic’s role in causing individuals particularly students and part-time workers to overlook potential refunds. Despite the extension over $1 billion in refunds from 2020 remain unclaimed nationwide prompting urgent action. In Washington state alone a staggering 26,200 individuals are owed significant refunds with an average of nearly $1,200 per eligible person. Even if you haven’t kept all your paperwork over the past four years there are ways to obtain the necessary documents. The IRS advises employers or banks to request copies of W-2s, 1098s, 1099s, and 5498s. Alternatively, individuals can access a free wage and income transcript through the IRS website or by submitting Form 4506-T. Claiming these unclaimed refunds requires filing a tax return from the 2020 fiscal year and time is of the essence.

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$31 Million Unclaimed Tax Refunds in Washington State: Urgent Action Needed to Retrieve $1 Billion Nationwide-Have You Been Claim Yours? (PHOTO: Baselinemag)

Thankfully, there are available for Washingtonians to claim their refunds whether online or by mail. It’s worth noting that Washington is one of the 12 states participating in the IRS’s Direct File pilot program enabling individuals to file their tax returns online at no cost. With the deadline swiftly approaching individuals must act promptly to retrieve their unclaimed refunds. Any refunds left unclaimed after the deadline will revert to the U.S. Treasury. This serves as a reminder of the importance of addressing tax responsibilities promptly and reclaiming rightful refunds ensuring financial stability for individuals, and contributing to the overall economic well-being.

Additionally, the unclaimed tax refunds in Washington state not only signify a loss for individuals but also present an opportunity for economic growth in the region. With $31 million remaining unclaimed this money could significantly boost local economies by supporting small businesses and increasing consumer spending. The urgency to claim these refunds is highlighted by the nationwide total of over $1 billion in unclaimed refunds from 2020 indicating a widespread issue that demands attention. By promptly addressing this matter and reclaiming their refunds individuals not only secure their financial stability but also contribute to the overall economic health of their communities. Moreover, the accessibility of online filing options and Washington’s participation in the IRS’s Direct File pilot program make the process more convenient further encouraging individuals to act before the impending deadline. As the deadline approaches it’s imperative for residents to seize this opportunity, not only for personal gain but also to enhance the prosperity of Washington state as a whole.

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